Our lives as we know it came to a stop when the Covid-19 pandemic hit in 2020. Many businesses got disrupted online wholesale marketplace. got closed down and huge profits were turned to loss. However, the great minds behind businesses took this opportunity to re-think their strategies and bring some interesting trends.
Let’s Discuss Wholesale Business
Before we get to the newly emerging trends in the market, it’s important to briefly discuss the nature of wholesale business
The wholesale business depends on the goods you acquire in bulk from the manufacturers or distributors. These are later sold in smaller quantities to retailers. Manufacturers produce products while retailers sell your products.
You are the middleman whose responsibility is to move the products from manufacturers to the market.
Wholesale is mostly conducted from offices or warehouses that also act as a temporary storage location for the acquired inventory.
Wholesalers usually don’t sell their merchandise to the general public. They mostly get in touch with their customers through phones, industry-specific advertisements, and salesmen.
Trends in Wholesale Business
Global business-to-business eCommerce transitions have brought trillions of dollars of revenue in 2019 alone.
That’s a crazy amount of revenue that continues to grow as we speak. The impact of the wholesale marketplace cannot be underestimated as it has enabled B2B marketplace buyers and sellers to form connections and bring new trends to light. Here are some of the latest trends observed in 2020.
Inventory tracking with automation becomes much more effective and eventually leads to smarter shipping, staffing, and warehousing decisions.
Automation through advanced technology and AI has allowed B2B sellers to be more efficient. This will allow you to avoid problems, make better plans, and reduce costs. More businesses are adopting this trend and using mobile applications and other devices to make their operations more seamless.
2. Expansion to Global Markets
Limiting your sales to local buyers is a huge missed opportunity. Expanding your wholesale business to international markets has become a must in 2020.
By focusing on the digitization of supply chain workflows, a customer can purchase your product from anywhere in the world. This ensures that you are utilizing cross-border trade and international payment technologies. Wholesalers need to expand to stay ahead of the curve.
3. Omnichannel Selling
Customer experience can either make or break your wholesale business. By focusing more on the omnichannel selling methodology, instead of multi-channel, you can help your business become more customer-centric.
Business owners across the world are embracing this new emerging trend as it offers a more streamlined and connected buying experience for all. It drastically enhances the customer experience by offering customers the freedom to engage with the brands of their choice.
4. Better Order & Inventory Management
Wholesalers are integrating advanced inventory management systems into their business. They automatically produce extensive inventory records and encourage owners to make data-driven business decisions.
By making decisions based on computed data, they get a competitive edge in the market. This integration-friendly method is completely changing the face of the supply chain and customer experience.
5. Flexible Supply Chain
It’s another trend that has been frequently observed in the industry during this year. Making adjustments to raw materials and the production process has turned out to be a blessing for the online wholesale marketplace.
As we have already experienced countless disruptions and losses in business, it’s good to know that supply chain flexibility is putting a lot of hard-working business owners on the road to recovery.
This year has been full of ups and downs, businesses have struggled and pushed themselves against overwhelming adversity. Now that the dust has settled down a bit, they are fighting this economic distress by adapting their strategies and displaying ingenious trends that continue to change the business industry. Hope we all make it through this tough year together!